The Netherlands-based Heineken has signed an agreement with Danish Royal Unibrew to sell Finnish multi-beverage business Oy Hartwall Ab for about €470m.
The deal, which needs approval from the regulatory authorities, is expected to close in the fourth quarter of 2013.
In addition, the companies have agreed on extending their current partnership, which will allow Royal Unibrew the license to sell Heineken beer in Finland, Estonia, Latvia and Lithuania for ten years.
Royal Unibrew already brews the Heineken brand in Denmark and distributes it in the Baltic countries.
Besides, Hartwall will remain the sole distributor of Heineken's global and international brands in Finland, including Sol, Strongbow, Newcastle Brown Ale, Krušovice and Murphy's Irish Stout, and will continue to brew Foster's beer under license in the country.
Heineken chairman of the executive board and CEO Jean-François van Boxmeer said, "We are pleased to announce this transaction, as we are convinced that Hartwall's future development is best served as part of Royal Unibrew, our long-time business partner in Denmark and an important beverage company in the Nordics and Baltics region."
Heineken intends to use the proceeds from the deal to reduce its net debt.
